Alder King

Property consultants Alder King have secured the freehold sale of the former Heathcoat Fabrics facility in Bodmin.

The sale to Western Counties Roofing was finalised after an extensive marketing campaign which generated strong interest from two bidders. The competitive nature of the disposal is a clear sign of an improving commercial property market in Cornwall and the lack of available industrial accommodation.

The factory and office premises on Lucknow Road have been vacant since the transfer of Small & Tidmas’s production facility to Tiverton in 2010. The facility has now been acquired by Western Counties Roofing Ltd to facilitate the expansion of its Bodmin branch into larger premises. It purchased the property for £425,000 off an asking price of £500,000, a figure that reflects the updating works required to improve the building.

The substantial 21,992 sq ft industrial and office facility sits on a 1.36 acre site on the Walker Lines Industrial Estate, close to the A30 and A38 junction.

Tom Duncan of Alder King’s Truro office said: “Demand for modern industrial accommodation increased last year but there is very little available supply for companies looking to expand.

“This property, while needing some modernisation, is well-located and offered good value for money, factors which resulted in a competitive bidding situation.”

Acting jointly and on behalf of retained clients, property consultants Alder King and Wells Commercial have successfully disposed of the multi-let office investment of Units A7 – A10 at Lakeside Business Park near Cirencester. The freehold of the 8,500 sq ft terrace has been sold to a private investment company for an undisclosed sum.

The Cotswold stone-clad property was fully let to three tenants – specialist recruitment company Hudson Banks LLP, industrial manufacturer Socomec and LF Spare Parts by way of full repairing and insuring leases.

Elsewhere on the Business Park, Alder King and Wells Commercial have also sold the long leasehold interest of Unit 6 to existing occupier Hudson Banks LLP for an undisclosed sum.

The office unit, originally built in 2007 and subsequently extended to circa 2,150 sq ft, will facilitate the expansion of the accountancy recruitment agency which counts many of the UK’s leading accountancy practices as clients.

Martin Baker of Alder King’s Swindon office commented: “Interest in both opportunities at Lakeside Business Park was strong from both the investor and occupier sectors of the market. The successful disposals only serve to reinforce the continued improvement in the commercial property market.”

Skanska’s commercial development at 66 Queen Square, Bristol, has reached its highest point in the construction process. The topping out ceremony marks an important milestone in bringing this new, 61,000 sqft (5,667m²) landmark office building to the Bristol market.

During the event, George Ferguson, Mayor of Bristol, and Mike Putnam, Skanska UK President and CEO, tightened the last bolts in the steel frame of what will be Skanska’s first commercial office development in the UK in recent years.

The event brought together many of Skanska’s clients, partner organisations and employees, including representatives from KPMG, which has taken a 15-year lease on 85 per cent of the building. Skanska and KPMG also highlighted their official partner status with Bristol 2015 for the city’s year as European Green Capital.

Mike Putnam, said: “We’re very proud that our 66 Queen Square development is helping to restore a beautiful, historic part of Bristol. The award-winning building will also provide modern, energy-saving measures to increase sustainability and cut carbon, helping Bristol to become an even greener city.”

George Ferguson, Mayor of Bristol, commented: “This development is an excellent example of what can be achieved when the city and a conscientious business work collaboratively. Bristol will have a great new office space, which makes a positive contribution to the local environment.”

Phil Cotton, Bristol Office Senior Partner at KPMG, said: “We want to reduce the impact we have on the environment as a business, and our property portfolio plays a leading role in this. The sustainable features at Queen Square will help us to reduce our energy consumption and CO2 emissions, and provide a fantastic environment for our staff in the heart of the city. We are delighted to take one step closer to moving into this iconic building.”

Situated in one of Bristol’s prime business locations, construction of 66 Queen Square will complete in the summer. The grade A office space integrates a grade II listed Georgian terrace with the new building, combining historic elegance with modern, efficient office space and fantastic views over the square.

The building incorporates sustainable features for long-term energy efficiency, including photovoltaic panels, LED lighting and water-saving fittings to meet the BREEAM Excellent standard and an EPC A rating.

An award-winning project before construction has even completed, the office development was crowned BIM Project Application Award winner in the annual British Construction Industry Awards 2014.

Just 9,000 sqft (836m²) is now available to let, comprising 3,000 sqft (279m²) on both the ground and fourth floors, in addition to a self-contained 3,000 sqft (279m²) unit at 72 Queen Square.

Developers of a new £3.6m business park on the outskirts of Newquay in Cornwall are celebrating after all six units were snapped up prior to the business park’s completion. The scheme, which was part-funded by the ERDF Convergence Programme, is an excellent example of a private and public partnership to develop quality business workspace.

Since commencing work in late 2013, Quintrell Downs Business Park attracted strong interest due to the lack of available high quality workspace in the Newquay area. This first phase of development created a new, fully serviced and accessed business park featuring six high quality employment units and a further three acres of development land.

Property consultants Alder King and Stratton Creber Commercial have now sold or let all six units to a range of successful indigenous and national occupiers, creating new employment and making a second phase of speculative development increasingly likely, subject to the availability of grant funding.

New occupiers in the four unit terrace include Cyberstein Robots Ltd which has purchased a long leasehold interest in Unit 2a. The company behind the cult character Titan the Robot has relocated from its previous base at Treloggan Industrial Estate in Newquay to secure larger and more energy-efficient premises.

Residential developer Legacy Properties has purchased the long leasehold interest of Unit 2b for its Cornish headquarters and to provide some storage capacity.

Roche-based Celtic Tuning, which specialises in vehicle management software and operates nationwide, has acquired the long leasehold interest in Unit 3a, with the option to purchase the 4,508 sq ft semi-detached unit at a later date. The new unit will become the company’s new headquarters.

Another business has purchased a 4,500 sq ft facility and has already started significant fit out works to transform the space into an IT centre, creating a significant number of new jobs.

Tom Duncan, head of agency at Alder King’s Truro office, said: “Fortdown’s development was one of the first speculative schemes in Cornwall for several years and the successful disposal of all six units demonstrates that Cornwall businesses will move quickly to secure quality new space when it is immediately available and ready to move into.

“We anticipate that when the next stream of ERDF grant funding becomes available in the summer of 2015, we’ll see further speculative development get underway to give expansion opportunities to more of Cornwall’s most flourishing businesses.”

It is hoped that over the next few years and with further phases of commercial development likely (subject to grant funding) that a large number of 100 jobs could be created and supported as a result of this development.

The units, which range in size from 1,830 to 4,500 sq ft, are all highly sustainable and been built to BREEAM Excellent standards. The developers Fortdown Developments Ltd have future-proofed the units by installing roof mounted Solar PV, highly efficient heating systems, high levels of insulation and other environmentally friendly technologies which together will result in lower energy costs for occupiers.

John Richards from Fortdown Developments said: “Everyone at Fortdown Developments is delighted that the workspace has been so popular and that they will be occupied by a varied set of local and national businesses – all of whom are growing businesses who plan to create new, well paid jobs over the coming months and years. The location, quality and specification of these premises demonstrate the need for quality workspace in the Newquay area.”

Fortdown Developments Ltd plans to develop the remaining three acres of land on the business park for further commercial development. However, it will also consider disposing of individual development plots or larger parcels of land should that be of interest. Richards continued: “Thanks to the amazing response to the first phase of this development we encourage anyone looking to expand to consider Quintrell Downs Business Park as their first choice for relocation or expansion.”

Chris Pomfret, Chair of the LEP and Deputy Chair of the Convergence Local Management Committee, which steers the Convergence Programme said: “As we move towards the next European Programme, it is important to remember that Convergence investments are still delivering great results across the region. Quintrell Downs Business Park is an excellent example of a private and public partnership to develop workspace to fulfill business needs in the area.”

The units use a range of high performance materials, including timber cladding (from a sustainable source) and incorporate flexible office space that can be extended horizontally and vertically to suit the end users’ specific requirements. Externally, the units include car parking spaces which are complemented by cycle storage and recycling facilities for the future occupiers’ use.

Robert McGuffie of RJM Property & Development Consultants Ltd has been working with Fortdown throughout the project and said: “We have been delighted with the response received to this speculative project and it can be used as a great example of providing the right flexible space for businesses looking to expand and locate in the area. Whilst these units are now occupied, further opportunities will be available on the remaining development land and interested parties should contact myself, Fortdown Developments Ltd or their agents Alder King and Stratton Creber.”

The new owners of The Levels, Phase II Capital Business Park in Cardiff are already witnessing the benefits of the investment programme they are undertaking.

The Pears Group acquired the 22 industrial warehouse units totalling 120,000 sq ft last summer, attracted by its strong location and potential for increased rental incomes from proactive management.

Constructed in 2006, the Park is less than four miles from Cardiff city centre in an established commercial and industrial area with occupiers nearby including FedEx, National Grid, Everest Windows and B&Q. With Aldi’s proposed regional distribution unit on an adjoining site, and parcel delivery company DPD’s new depot nearby, the area has become a property hotspot in recent months.

Knight Frank and Alder King are the letting agents. Neil Francis, who heads the industrial agency team of Knight Frank in Cardiff, said: “The new landlord’s investment programme is already paying dividends. New office space has been created in two of the units, a new yard is being created at J Block – and existing occupier A&S Manuel has taken additional space in the 3,500 sq ft H5 unit.”

Nicole Kruger of Alder King added: “With a real shortage of quality units in Cardiff, The Levels is a high quality multi-let industrial park in an increasingly attractive location. My client’s proactive approach to asset management includes improvements and refurbishments across the scheme which will help to attract a high calibre of occupier. With vacant units from 3,300 sq ft to 13,000 sq ft, The Levels has a strong story to tell.”

Ben Grossman of the Pears Group said: “This has been our first industrial purchase within South Wales and we are pleased that our actions have resulted in good levels of activity. With unit M1 under offer and terms being discussed on to others, the future of the Park looks positive.

This month, the UK’s leading regeneration specialist, St. Modwen, has started work at its 16 acre Gateway 12 development at Waterwells Business Park, Gloucestershire, to build the first of two buildings on site as well as a new access road. Local contractor, Barnwood Construction, is delivering the work on behalf of developer, St. Modwen, over the next nine months under a contract worth £3m.

Scheduled to complete this summer, the first unit on site will provide 40,950 sq ft of prime location warehouse and industrial space available for purchase or rent by firms looking to expand or relocate in the area. Businesses interested in this first unit or further design and build opportunities at Gateway 12 should contact agents Ash & Co or Alder King.

The Office Agents Society, made up of representatives from Bristol’s leading surveying practices, has released the 2014 office take-up figures for Bristol.

Total office take-up across Greater Bristol last year reached 1,266,535 sq ft, breaking the 1 million sq ft mark for the first time since 2008. There was also a further 304,863 sq ft of office take-up for alternative uses.

Quarter 4 activity in the city centre totalled 401,235 sq ft, compared with the 2013 figure of 76,835 sq ft. The out of town total stood at 91,649 sq ft compared with 51,163 sq ft at the same point in 2013.

Andrew Hardwick of WGH stated: “Market conditions have significantly improved over the last 12 months with headline rents increasing and incentive levels reducing.”

Catherine Collis from Alder King added: “We saw a dramatic jump in take-up in the final quarter of 2014 with a number of high profile lettings. This was a great way to end 2014 and we expect this level of activity to continue into 2015.”

Financial technology company, Blue Speck Financial Ltd has decided to open its new 120-person facility at 10 Templeback, just weeks after the building was acquired by Benson Elliot.

The Bristol-born tech company has taken the top floor of the building, including a roof terrace, and plan to move in in March 2015.

The deal comes hot on the heels of the UK Investment Summit in Wales in November, where it was announced that Blue Speck planned to open a new 120-person facility in the city and create around 100 jobs by 2017, though it was not known where at the time. This follows earlier news that the company had been acquired by one of the largest financial services groups in South Africa, MMI Holdings.

The company, which offers cutting edge financial solutions, has taken 13,000 sq ft on a ten year lease joining current tenants NFU Mutual.

Toby Hughes, CEO at Blue Speck Financial Ltd, said: “We knew finding Grade A office space large enough to house 120 people in the city centre would be a challenge so we are delighted to have completed the deal here at 10 Templeback, which offers us everything we need and more. The contemporary open-plan space will allow the business to grow its operation and provide jobs and income for the local economy, which we’re very happy to be a part of.”

Cube Real Estate who asset manage the property on behalf of the owners has applied for planning permission to improve the arrival experience at 10 Templeback with a re-designed and re-modelled reception. The firm also plans to create a new shower hub in the car park which will include cycle racks, showers, a drying room and lockers to further enhance the building’s green credentials and promote sustainable travel. The building already has a ferry stop.

Jonathan Lawes, asset manager at Cube, said: “It is very encouraging to see a deal complete at 10 Templeback so soon after we acquired it on behalf of the owners, Benson Elliot. We now look forward to progressing plans to bring one of the city’s largest available Grade A offices back to life.

“Unlike many schemes in the city centre, we will be offering a much more flexible approach to the size of the occupier we’ll consider and will provide space from 4,700 sq ft.”

Matthew Cross, head of inward investment at Invest Bristol & Bath, said: “As well as bringing a prime city centre site forward, breathing new life into 10 Templeback will help attract further investment into the region and allow some of the city’s home-grown start-ups and SMEs to grow in situ.”

Andy Heath of letting agents DTZ, commented: “We are delighted to welcome Blue Speck to Templeback which we hope will be the first of many new tenants in the building.

“The redesigned entrance will further enhance the appeal of Templeback, which, coupled with the new bike and shower hub and bespoke concierge facilities, will make the building one of the most attractive in the city.”

Two other transactions are currently under offer totalling 15,000 sq ft.

10 Templeback is a 123,000 sq ft building and one of Bristol’s most prominent Grade A office developments. The waterfront building currently stands as the city’s greenest office block and is available to new tenants on tailor made attractive terms.

NFU Mutual currently occupies two floors but substantial high quality space remains available on the remaining three floors totalling 65,000 sq ft.

Skanska’s project development team, under the Workplaces by Skanska banner, has pre-let 52,000 sq ft (4,831 sq m) of office space at 66 Queen Square, Bristol, to KPMG on a 15-year lease.

Alex Jordan, Skanska’s leasing director, said: “We are delighted that KPMG will be the main tenant for our first UK commercial development project in Bristol. As developers working with our own construction team, we have been able to adapt the design of the building to fit with the needs of our tenant, while securing the longest lease in the city in recent years.”

The professional services firm has taken the first, second and third floors and part of the ground floor at Skanska’s 61,000 sq ft (5,667 sq m) Grade A office building.

Situated in one of Bristol’s prime business locations, 66 Queen Square will complete in the summer of 2015. The Grade A office space integrates a Grade II listed Georgian terrace within the new building, combining historic elegance with modern, efficient office accommodation and fantastic views over the square.

Phil Cotton, Bristol Office Senior Partner and South Regional Chairman at KPMG, says: “This significant investment underscores our commitment to Bristol and the importance of the city to our business. We have achieved continued success and growth in our marketplace, adding £17 million to our income over the last two years, and I am pleased to be able to plough these profits back into the business and invest in new flagship premises in Bristol.

“Our new office in Queen Square will provide our colleagues and clients with top quality office space equipped with the latest technology and located in the heart of the city.”

The building incorporates sustainable features for long-term energy efficiency, including photovoltaic panels, a high-performance building fabric, LED lighting and water-saving fittings to meet BREEAM Excellent and an EPC A rating.

There is just 9,000 sq ft (836 sq m) now available to let, comprising 3,000 sq ft (279 sq m) on both the ground and fourth floors, in addition to a self-contained 3,000 sq ft unit fronting Queen Square.

Property consultants Alder King and GVA have secured Bristol’s second largest office deal of 2014 after Parsons Brinkerhoff, one of the world’s leading planning, engineering, and program and construction management organisations, took 17,000 sq ft of accommodation at Kings Orchard, a landmark office building overlooking Bristol’s floating harbour.

Parsons Brinkerhoff, represented by Knight Frank, is relocating to Kings Orchard from Redland and has sub-let the entire third floor from head tenant Bevan Brittan LLP. At 17,191 sq ft, this is the second largest office letting in Bristol so far this year.

As well as providing centrally located, prestigious office space with a raft of on-site facilities, the relocation enables all Parsons Brinkerhoff staff to work together on one floor rather than over several floors as in its previous premises.

Catherine Collis of Alder King’s office agency team said: “This latest deal follows the 15,000 sq ft letting at Kings Orchard to Tribal Group earlier this year, which at the time was also the second largest transaction in the city centre, and demonstrates the property’s enduring appeal as a business location.

“Bristol’s office market is on track to deliver annual take-up in excess of 1 million sq ft, a level last seen in 2007.”

Rob Stanley, Director of Property and Facilities for Bevan Brittan LLP, said: “We are delighted that Kings Orchard is benefiting so strongly from the strong performance of the Bristol office market. We have now secured 32,000 sq ft of lettings this year with two of this year’s top ten transactions.”